Qorvo (QRVO) topped consensus estimates on both revenue and earnings for the third quarter of 2019. Despite the beat, the stock was down 3% in aftermarket hours on Thursday.
Total revenue in the third quarter dropped by 1.5% to $832.3 million from last year.
On a GAAP basis, the company reported net income of $69.5 million, or $0.55 per share, compared to a net loss of $33.1 million, or $0.26 per share, in the prior-year period. Adjusted net income was $234.1 million or $1.85 per share.
During the quarter, Qorvo increased shipments of 5G massive MIMO infrastructure solutions to multiple OEMs and secured additional design wins across all anticipated 5G frequency bands, from sub-6GHz to millimeter wave.
The company also started commercial shipments of cellular IoT system-in-package modules for LTE CAT-M and NB-IoT applications in collaboration with Nordic Semiconductor.
For the fourth quarter of 2019, the company expects revenue to range between $660 million and $680 million. Diluted EPS is expected to be $1.05 at the midpoint of guidance. Gross margin is expected to be approx. 47%.
Mark Murphy, CFO of Qorvo, said, “Qorvo’s March quarterly guidance reflects weakness in the broader smartphone market, partially offset by content gains with the leading Korea-based smartphone manufacturer and double-digit, year-over-year growth in IDP. Looking forward, our expanding growth opportunities in IDP, sharp focus on high-value programs in Mobile Products and actions to improve our cost structure are expected to drive another year of record earnings and free cash flow in fiscal ‘20.”
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